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1. An item which may be converted to cash within one year or one operating cycle of the firm is classified as a A. current
1. An item which may be converted to cash within one year or one operating cycle of the firm is classified as a
A. current liability.
B. long-term asset.
C. current asset.
D. long-term liability.
2. Which of the following is concerned with the change in operating profit as a result of a change in volume?
A. Financial leverage
B. Break-even point
C. Operating leverage
D. Combined leverage
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